The Fungible by Pak - Sotheby's x Nifty Gateway

The history is made at night. Mighty digital artist Pak has completed an auction organised by Sotheby’s and Nifty Gateway and paved a path to the history of NFT Art on April 14th 2021.

Pak is an omniscient designer/developer/wizard, one of the leads of the design scene as the founder of Undream and one of the prominent social media figures as the creator of Archillect, the synthetic curator. Pak is currently at uncharted space experimenting with new forms of creation and communication, discovering, learning and teaching along the journey.

“In the Sotheby’s sale, top prices were paid for Pak works that showcased a level of market savvy and gamelike complexity that would be impossible with a canvas or sculpture in real life. “The Switch,” which sold to California cryptocurrency investor Damian Medina for $1.4 million, is a digital image of a rotating, black-and-white geometric shape.” text via WSJ

“Another work, “The Pixel,” sold for $1.4 million to artist Eric Young and elicited bids from many top NFT art collectors in part because its medium-gray monochrome represents a single pixel, the building block of digital imagery.”

The auction for the open edition “Cube” was set up in a way of mathematical game explained neatly in this tweet and hardly understandable for us but at the end it went as 23151 sold editions of a single Cube. Obtaining a sequence of single Cubes made collectors to receive an NFT of 5, 10, 20, 100, 500 and 1000x1000 cubes based on how many cubes they own. This action burst a second sale in the form of pyramid. The top secondary market buyers will get other unique NFTs. This creates buying pressure in the secondary market, further adding value to single cubes.

Unlike the debut of Beeple’s The First 5000 days NFT on Christies', Pak created a brain puzzle for those who a seriously familiar with math and cryptocurrencies leaving others watching this Game agape.